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China’s objections block G20 joint communique
At the G20 Meeting of Finance Ministers and Central Bank Governors in Asheville, US, 19 members agreed on a joint text, while China objected to several provisions. No joint communique was adopted because of disagreements over energy trade, global imbalances and debt restructuring.
The G20 Meeting of Finance Ministers and Central Bank Governors concluded on August 31–September 1 in Asheville, North Carolina, US. Global growth, the debt burden and global imbalances were the meeting’s main agenda items.
Nineteen members reached agreement on a joint text, while China objected to several provisions concerning energy trade, global imbalances and debt restructuring. As full consensus could not be reached, the United States issued a G20 Presidency Statement.
The economic agenda amid ongoing conflicts
The presidency statement said that the global economy had remained resilient despite ongoing conflicts. It stressed the need to reduce bureaucracy, support investment in artificial intelligence and protect critical supply chains, including those for energy and food.
With private-sector representatives taking part in the meetings, the focus was placed on helping businesses grow and removing administrative barriers to innovation. The statement said global imbalances threatened economic stability and called on countries that rely excessively on exports to pursue reforms that would increase domestic consumption.
It said the G20 Common Framework should be implemented more quickly and transparently to reduce the debt burden of developing countries. Increasing financial literacy worldwide was also among the issues highlighted in the statement.
China objected to four provisions
China objected to the fourth provision, which addressed energy trade and geopolitical conflicts. Beijing also opposed the 10th provision, which called for removing non-market policies that hinder domestic consumption in relation to global imbalances.
China also entered reservations on the 11th provision, which supported International Monetary Fund monitoring of these imbalances, and the 13th provision, which governed debt restructuring processes.
US Treasury Secretary Scott Bessent said at a press conference that he had hoped a joint communique would be issued but that full consensus had not been reached. Bessent said the members other than China had reached agreement and stated that the G20 Presidency Statement reflected issues important to the 19 members.
Bessent described China as the country with the world’s largest and unsustainable current-account surplus and said that it opposed the statement. Asked about inviting representatives from Russia to the meetings, he said this had created an unfavorable impression among some Europeans but stressed that dialogue and engagement were important.
US priorities and the IMF’s economic assessment
Before the meeting, a US Treasury official said disagreements over reducing global imbalances and restructuring government debt could make it difficult to prepare a joint communique. The official said the text needed to reflect US interests and “America First” priorities, adding that a statement on the talks could be issued if consensus could not be reached.
In a written statement after the meeting, IMF Managing Director Kristalina Georgieva said countries differed significantly in their economic outlooks and risks. Georgieva said the energy supply shock had not ended, global public debt had reached approximately 100 percent of gross domestic product, and the disinflation process had stalled in many countries.
Georgieva stressed that central banks should focus on price stability, fiscal authorities should prepare credible medium-term fiscal consolidation plans, and structural reforms should remove barriers to growth.
Georgieva said high refinancing needs and rising debt-servicing costs in developing and low-income countries were limiting spending on infrastructure, health and education. She called for improvements to debt restructuring processes and stronger fiscal resilience in countries.
The IMF chief also said global excess imbalances had increased by 0.7 percent of gross domestic product in 2025, marking the largest rise in the past 10 years. Georgieva said simultaneous policy action was needed in both current-account surplus and current-account deficit countries to achieve lasting rebalancing.
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